As reinsurers show both flexibility and interest to support the evolving needs of buyers, global reinsurance broker Gallagher Re is confident its clients can achieve good outcomes at the key January 1 renewals, according to Hamish Dowlen, CEO of EMEA.
Speaking with Reinsurance News around the 68th edition of RVS in Monte Carlo, Dowlen said that Gallagher Re is “currently very optimistic” for its clients ahead of the key January 1 2027 renewals.
“We are confident that risk-adjusted rate decreases in many lines of business, but especially in property catastrophe, will be achievable. The extent to which this can be achieved will differ according to territory, underlying exposures, structural amendments (if any), loss history, transparency, reliability of data, and clarity of messaging and strategy from the cedants,” he said.
It’s been said by numerous leaders at global reinsurance companies that during the property market reset of 2023, tighter terms and conditions – especially higher attachment points – were just as crucial as steep rate rises.
While market commentary suggests that reinsurer discipline remains, Dowlen explained that reinsurers are “demonstrating flexibility and interest to support” a variety of possible solutions currently being explored by cedants.
“We have seen a number of our clients in the EMEA region purchase mid-year buydowns, be it on a first or second loss basis or with additional Aggregate structures,” said Dowlen. “Furthermore, we are currently in discussion with many clients regarding the cost effectiveness of reducing retentions, be it for core perils or secondary perils, with a whole range of potential options and structures being analysed and discussed at this stage of the year.”
As the risk landscape and client expectations continue to evolve, Dowlen told Reinsurance News that the theme of partnership remains as strong as ever, with “reinsurers generally looking to be as relevant as possible to their clients and to offer a broader than ever range of services.”
He continued: “For that reason, many cedants are looking to create or solidify a panel of core partners which supports as many of their reinsurance programmes as possible. Whilst providing strong capacity and attractive pricing is important, reinsurers that demonstrate a deeper understanding of their clients’ needs, and are willing to tailor their offering to meet that, will be able to profit most from this renewal.”
Extreme weather events like floods and wildfires have hit many parts of Europe so far in 2026, which Dowlen said is generally leading to more demand for property catastrophe reinsurance across the region.
“Most renewal data that we have seen in recent weeks are showing some uplift in exposures, some into double-digit territory, and we would expect buyers to look to purchase up to a similar modelled return period,” he said.
Dowlen went on to say that with an over-supply of tail capacity in the property cat space, some cedents might look to buy at a higher level, “noting that reinsurance is available at much more attractive terms compared to exposing their capital, which can then potentially be deployed elsewhere.”
EMEA is an extraordinarily diverse re/insurance market, and Dowlen emphasised that all of the region continues to represent an exciting opportunity for Gallagher Re to further expand its footprint.
“We see a trend where insurers are generally looking to protect more, rather than less, focussing both on severity and volatility. Many are looking to use reinsurance strategically to protect their results, especially given the excellent 2025 results for most of the market and the strong H1 experienced in 2026.
“I would say that the Middle East and Africa show remarkable growth opportunity right now, but, at the same time, most of Europe continues to grow. We have also seen some particularly strong growth in the last 18 months in Italy, Germany, and Central & Eastern Europe and see no signs of that reducing,” said Dowlen.
Looking ahead, Dowlen expressed optimism and highlighted that carriers in all parts of the world increasingly view reinsurance as a strategic tool, rather than simply a cost associated with protecting against severe loss events.
“There is growing recognition, at the C-suite level of cedants, around how they can engage with brokers and reinsurers to understand the ways in which reinsurance can help them address their various KPIs,” he said. “This consequently means the role of Gallagher Re evolves even further into the advisory space, as we look to provide independent advice to a variety of stakeholders within our clients’ organisations, to demonstrate how reinsurance can help them to achieve their goals.”
“This does not diminish in any way the fundamental need for most insurers to purchase core reinsurance programmes, but is a sign that the capital available in the market can be deployed more widely, and to even greater effect, when done smartly and within strong partnerships,” concluded Dowlen.
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